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Looking For Weakness

SILVER TECHS
  • RES 4: $27.831 - High Jun 16 2021
  • RES 3: $27.245 - High Jun 17 2021
  • RES 2: $26.063/943 - High Mar 10 / High Mar 8 and the bull trigger
  • RES 1: $25.847 - High Mar 24
  • PRICE: $24.671 @ 07:26 GMT Mar 31
  • SUP 1: $24.513 - 50-day EMA
  • SUP 2: $23.974 - Low Mar 29
  • SUP 3: $23.850 - Low Feb 24
  • SUP 4: $23.082 - Low Feb 15

Recent Silver gains stalled at $24.847, Mar 24 high. A S/T bearish theme remains intact and potential is seen for a deeper retracement. This is despite the recovery from Tuesday’s low of $23.974. Attention is on the 50-day EMA at $24.513 that was probed Tuesday. This EMA marks an important support and a clear break would signal scope for an extension lower. For bulls, a move above $26.00 would refocus attention on $26.943, the Mar 8 high.

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